The total demand for goods and services in an economy is known as:
A. national demand
B. gross national product
C. aggregate demand
D. economy-wide demand
Answer: C
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Goods and services usually referred to as _
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Microeconomics is not concerned with the behaviour of:
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Change in input price, government policy, organizational change may lead to_.
A. higher cost of demand for a firm
B. lower cost of production for a firm
C. lower cost of production for a firm
D. higher cost of sales for a firm
Answer: C
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Income and substitution effects are better use in explaining the link between_ and _.
A. demand and price
B. demand and supply
C. supply and price
D. good and price
Answer: A
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_ is a good example of natural monolist
A. Crude oil in Nigeria
B. Post office in UK
C. NNPC in Nigeria
D. MTN in South Afica
Answer: A
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In a market where over 100 people sell all the network airtime, the sellers become _
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All except _ is right about perfect market.
A. MC > MR, and expansion possible
B. Demand curve is upward
C. MR = 0
D. MR = P
Answer: D
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_ is not a tool that is used to describe and evaluate the market processes by which individuals allocate scarce resources to satisfy as many wants as possible
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Economics is the study of_
A. how society manages its scarce resources
B. how society manages its unlimited resources
C. how to fully satisfy our unlimited wants
D. how to reduce our wants until we are satisfied
Answer: A
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